A MANUFACTURING firm in the region hopes to increase its turnover by six-fold to £30m and create up to 50 jobs.
Apex Wiring Solutions is already a UK market leader in its field and plans to further strengthen its position, as well as expand into Europe, over the coming few years.
The company, based on the Meadowfield Industrial Estate, near Durham City, launched its flexible cabling system in 2002. The system, which is already successful in the US, replaces traditional wiring techniques and can reduce the time it takes to install cables into buildings by up to 70 per cent.
Demand for its products has seen Apex's turnover climb from £250,000 in its first year to more than £5m today. Production manager Jason Savage, who founded the business, said turnover could easily top £30m in the near future
"The business has grown considerably over the past five years and looking forward we are seeking to expand significantly, particularly with the launch of our new eVo product range," he said.
"It would not be unrealistic to say turnover could reach £30m and that would bring with it job creation."
Apex supplies assembled, fully-tested, armoured and unarmoured pluggable leads, which replace the old traditional wiring methods in building installations.
The system is already a multi-million pound market in the US, but has been slower to take off in the UK and Europe.
Apex has expanded its team year-on-year and today employs 50 staff at its factory. Mr Savage said the figure could double as the business expands.
"With all the negative reports about the manufacturing sector struggling, I am proud of what Apex has achieved in the past five years," he said.
"We see huge potentials ahead of us. We are first going to strengthen our position in the UK and then try to get into the European market."
Last night, Alan Hall, director of Engineering Employers' Federation Northern, said he was delighted to hear of Apex's success.
"It sits alongside a wave of good business experience among manufacturing companies in the region," he said.
"The last 18 months have seen a good run for manufacturers - what we are seeing is a very robust picture."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article